I just thought I'd let people know that we are typically getting leases signed at $6,000-$7,000/acre in Marshall County still. It's been this way since about the summer of 2017. Typical royalty is 18% gross, unless you're dealing with EQT which will give 18% but cap post-production costs at $.60/MCF. So if you get an offer for $1,500/acre and 15% from Antero (just saw that with some people who came into the office today) make sure not to take it. The companies are trying hard to work prices down in Marshall and Wetzel, but do your best to not let them. The Marcellus and Utica rights are worth every penny of that, even with gas prices down ($2.59/MMBtu) like they are right now.
Our lease is up and no one has contacted us about re-leasing. We are in Wetzel County, Green District, own 53 acres surface with 50% mineral rights. What kind of lease offer can you obtain for us and what would your cost be?
So, a couple months later and I've got to say that the oil and gas companies are working prices back down. While it's possible to get $6K-$7K per acre still, it's going to depend on which company is interested in the area your property is in. EQT, for example, has been pushing their prices down. Tug Hill might still be paying well, but we haven't seen a Tug Hill lease come into the office in a couple months. Antero's pushing their prices down, too. It should be a good time to lease because the gas is needed, but the price of gas is still low. $2.36/MMBtu today, which is up from a low of about $2.13/MMBtu last month. There are some rumblings that gas prices might be going up in the next few months, but most analysts think that prices are going to be low for quite a while.
If you still want some help finding a lease, call the office at 304-473-1403 and let the front office staff know we talked on GMS.